The Perpetuitiesand Accumulations Amendment Act - as Plain Text by MWakili

NATIONAL COUN CIL FOR L AW REPORTING LIBRARY SPECIAL ISSUE Kenya Gazette Supplement No.

39 (Acts No.

10) REPUBLIC OF KENYA KENYA GAZETTE SUPPLEMENT ACTS, 2022 NAIROBI, 7th March, 2022 CONTENT A ct Page 2022 121 The Perpetuities and Accumulations (Amendment) Act, NATIONAL COUNCIL FOB LAl\ BEPORTiNG ReCE IV a20 JUL 2022 P.

Box N,44o- 0D1C0, NAIROBI, KENYA TEL: 2719231 FAX: 2712994 PRINTED AND PUBLISHED BY THE GOVERNMENT PRINTER, NAIROBI 12 1 THE PERPETUITIES AND ACCUMULATIONS (AMENDMENT) ACT No.

10 of 2022 Date of Assent: 24th February, 2022 Date of Commencement: 21st March, 2022 AN ACT of Parliament to amend the Perpetuities and Accumulations Act and for connected purposes ENACTED by the Parliament of Kenya, as follows Short title.

This Act may be cited as the Perpetuities and Accumulations (Amendment) Act, 2022.

Amendment of 2.

The Perpetuities and Accumulations Act (herein section 2 of Cap.

2 referred to as the principal Act) is amended in section 16 1.

by inserting the following new subsections immediately after subsection (7) (8) For the purposes of this Act, any reference with regards dispositions of property shall be in reference to immovable property.

(9) For the purpose of this Act, any reference to the perpetuity period shall not apply to family tru st s.

Repeal and 3.

The principal Act is amended by repealing section replacement of 19 and replacing therefor the following new section section 19 of Cap.

16 1.

Accumulation of 19.

(1) Subject to section 16 of this i ncome.

Act, the terms of any instrument or a trust may direct or authorize the accumulation of all or part of the income of such property for a period not exceeding the intended duration of th e tr u st.

(2) Subj ect to special and general power of maintenance and advancement or as predicted by the terms of the trust or as otherwise provided, income which is not accumulated shall be distributed.

(3) At all times, any income that is not accumulated shall be distributed to the i ntended beneficiaries.

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